Last checked at 21 Dec 2020 07:00
For immediate release | 21 December 2020 |
SANDERSON DESIGN GROUP PLC
("Sanderson Design Group", the "Company" or the "Group")
Trading Update
Sanderson Design Group PLC (AIM: SDG), the luxury interior design and furnishings group, announces a trading update following a strong performance in its key autumn selling period.
Group revenue during the current financial year has continued on the improving trend from April 2020 as previously announced. In the 10 months to 30 November 2020, Group revenue was down approximately 14.6 per cent compared with the same period last year whereas, in the six months to 31 July 2020, it was down 30.6 per cent.
In the nine-week key selling period of October and November 2020, the Company's brand product sales were up approximately 7 per cent in reportable currency compared with the same period last year. The Company's manufacturing operations have performed well, with both the wallpaper and fabric factories now running at a similar level to last year.
The Company believes that this demand reflects a widely reported trend in the home improvement and furnishings sector, with consumers having directed discretionary spending on their homes during the Covid-19 pandemic.
The improvement in sales during October and November 2020 was also reflected in profitability, which has also benefited from the programme of cost reduction measures implemented by management in the current and last financial years.
As a result, it is now expected that profit before tax for the year ending 31 January 2021 will be substantially ahead of management's previous expectations.
The Company's balance sheet remains robust, with improved cash levels and a stronger liquidity position, as compared with 31 July 2020. This further improvement in the Company's financial position prepares the business for a very uncertain trading outlook in the remainder of the current financial year and in the next financial year.
Sanderson Design Group's next trading update for the year ending 31 January 2021 is expected to be announced in mid-February 2021.
For further information:
Sanderson Design Group PLC | c/o Buchanan +44 (0) 20 7466 5000 |
Lisa Montague, Chief Executive Officer | |
Michael Williamson, Chief Financial Officer | |
Caroline Geary, Company Secretary | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0) 20 7597 5970 |
David Anderson / Alex Wright / Henry Reast | |
Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Sophie Wills / Toto Berger / Charlotte Slater |
SDG@buchanan.uk.com
Notes for editors:
About Sanderson Design Group
Sanderson Design Group PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. In addition, the Company derives licensing income from the use of its designs on a wide range of products such as bed and bath collections, rugs, blinds and tableware.
Sanderson Design Group's brands include Zoffany, Sanderson, Morris & Co., Harlequin, Scion, Anthology, Clarke & Clarke and Studio G.
The Company has a strong UK manufacturing base comprising Anstey wallpaper factory in Loughborough and Standfast & Barracks a fabric printing factory, in Lancaster. Both sites manufacture for the Company and for other wallpaper and fabric brands.
Sanderson Design Group employs approximately 600 people and its products are sold in more than 85 countries worldwide. It has showrooms in London, New York, Chicago, Paris, Amsterdam and Dubai.
Sanderson Design Group trades on the AIM market of the London Stock Exchange under the ticker symbol SDG.
For further information please visit: www.sandersondesigngroup.com